Introduction to the Magic FX Formula
The Magic FX Formula is a universal forex trading indicator that is very simple to use on any currency pair and timeframe. This indicator has been developed for both beginners traders and more advanced traders to keep their good trading accuracy.
After having a deeper look at that indicator it looks like its effectiveness is high with small timeframes like M5 or M15, therefore it suits best for scalping trading style during trending market conditions.
You can use Magic FX Formula as a standalone trading tool or you can apply it to your favorite proven trading system.
You should definitely look at the Xmaster Formula forex indicator too. It is much appreciated among the traders.
How to trade with Magic FX Formula?
Open long trade with Magic FX Formula when the following conditions are met:
- Identify the uptrending market;
- A green Trend Signal dot appears;
- Trade Signal displays “Buy” along with an upward arrow in the right top corner of the chart;
- Set stop loss below the recent swing low;
- Take profit when the opposite signal occurs (red color Trend Signal dot appears).
Open sell trade with Magic FX Formula when the following conditions are met:
- Identify the downtrending market;
- A red Trend Signal dot appears;
- Trade Signal displays “Sell” along with an downwardward arrow in the right top corner of the chart;
- Set stop loss below the recent swing high;
- Take profit when the opposite signal occurs (green color Trend Signal dot appears).
In the archives you will find the following files:
- Magic Fx Formula.ex4
- Magic Fx Formula.mq4
- Magic Fx Formula.tpl (template file)
- Magic Fx Formula Manual.pdf (user manual)
How to set up the Magic FX Formula indicator in MT4?
Download the Magic FX Formula.rar archive at the bottom of this post, unpack it, then copy and paste the Magic FX Formula.ex4 or Magic FX Formula.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Magic FX Formula indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Download Free Forex MT4 Magic FX Formula Indicator
To download the Magic FX Formula Indicator for Metatrader 4 (MT4) for free just click the button below: